The Swiss has reversed course from the spike high forged in the prior trading session as overt anddominating anxiety levels have come down in the face of an attempt to recover in US equities. Solid supportshould be seen down at 1.1016 but some initial support might be seen at 1.1056. Pushed into the market thismorning we favor the downward tilt.
Technical Outlook: The major trend could be turning up with the close back above the 60-day movingaverage. Momentum studies trending lower at mid-range should accelerate a move lower if support levels aretaken out. The cross over and close above the 18-day moving average indicates the intermediate-term trend hasturned up. The daily closing price reversal up is a positive indicator that could support higher prices. The marketsetup is supportive for early gains with the close over the 1st swing resistance. The next downside objective isnow at 109.87. The next area of resistance is around 111.50 and 111.78, while 1st support hits today at 110.55and below there at 109.87.